MGC Pharma scoops major Israeli partnership for epilepsy drug
Health & Biotech
Health & Biotech
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MGC Pharma secures a second international partnership, signing a binding term sheet.
Both companies have signed a binding term sheet that gives MGC Pharma exclusive rights to importation, sale and distribution of IMC’s CannEpil product in Israel for five years.
CannEpil is a CBD-based medication used to treat patients suffering from epilepsy. The product is already available in Australia, the UK, Ireland and Brazil.
MGC Pharma is currently in discussions with Israel’s Ministry of Health for clinical trial approval and for an early access scheme approval to sell CannEpil through registered doctors in Israel.
There are more than 82,000 people in Israel that suffer from epilepsy, and approximately 30 per cent of those are unbalanced pharmacologically, experiencing seizures with different frequency and intensity.
MGC Pharma will look to offer an alternative solution for these patients at a significantly lower price point than Israel’s only currently registered competitor product.
IMC is one of the largest cultivators, manufacturers and distributors of medical cannabis products in Israel, and was recently listed on the Canadian Securities Exchange.
MGC Pharma will also be able to tap into IMC’s existing distribution network partnership with Israeli pharmacy chain Super Pharm, which operates 250 locations in the country.
“We are very pleased to have our first Israeli commercial distribution agreement for CannEpil in place with one of the leading companies of medical cannabis in Israel,” MGC Pharma co-founder and managing director Roby Zomer said.
“There is a strong need for epilepsy medication in Israel and the agreement with IMC has the potential to be transformational for MGC Pharma following successful clinical trials.”
IMC chief executive Oren Shuster stressed the importance of evidence-based research in ushering in the next generation of medical cannabis products.
“We have great respect for MGC’s commitment to innovation and its ability to develop novel medical cannabis products,” he said.
“Combining MGC’s intellectual property with our local knowledge of the Israeli market is a formula for success and we look forward to working with them for the betterment of medical cannabis patients in Israel and across the world.”
IMC will continue to be responsible for importation, commercialisation, promotion and distribution of CannEpil in Israel, as well as registration for the product along with procurement of all permits and licences required for importation and commercialisation.
MGC Pharma will own all the intellectual property rights associated with CannEpil, and will be responsible for continuing the product’s development. MGC Pharma is responsible for applying for registration under the early patient access scheme.
Exclusivity will remain subject to minimum sales targets to be agreed on by both companies.